GeoPark Quarterly Operations And Financial Results 2013
02 September 2013 - 10:00PM
PR Newswire (US)
SANTIAGO, Chile, Sept. 2, 2013 /PRNewswire/ --
Operational Highlights
- Oil Production Up 49% to 10,798* bopd in 2Q2013 vs 2Q2012
- Total Oil and Gas Production Up 12% to 13,020* boepd in 2Q2013
vs 2Q2012
- New Oil and Gas Discoveries:
- Chercan gas field in Flamenco Block in Tierra del Fuego,
Chile
- Tarotaro oil field in Llanos 34 Block, Colombia
- Potrillo oil field in Yamu Block, Colombia
(Logo: http://photos.prnewswire.com/prnh/20130603/MX24008LOGO-b)
Financial Highlights
- Revenues Up 32% to US$160.8*
million (as of 30 June)
- Adjusted EBITDA Up: 20% to US$84.0*
million (as of 30 June)
- Cash Position of US$149.4
million
* Operational and Financial figures do not include results from
new Brazilian production acquisition, completion of which is
expected in 2H2013.
Strategic Highlights
- Risk-balanced entry into Brazil with the acquisition of a 10% interest
in the Manati Field and the award of seven exploration blocks in
Potiguar and Reconcavo Basins
FINANCIAL HIGHLIGHTS
Six‑months period ended June 30,
2013 compared to six‑months period ended June 30, 2012
|
Six months ended
June 30
|
(in thousands of
US$, except for percentages)
|
2013
|
2012
|
Change, June 2013
vs.
June 2012
|
|
(unaudited)
|
Revenues
|
|
|
|
Net oil
sales.........................................................................................
|
149,817
|
104,893
|
43%
|
Net gas
sales.......................................................................................
|
10,989
|
17,098
|
(36)%
|
Total net
revenue.................................................................................
|
160,806
|
121,991
|
32%
|
Production
costs..................................................................................
|
(81,147)
|
(54,668)
|
48%
|
Gross
profit...........................................................................................
|
79,659
|
67,323
|
18%
|
Exploration
costs.....................................................................................
|
(13,587)
|
(10,199)
|
33%
|
Administrative
costs................................................................................
|
(20,730)
|
(13,562)
|
53%
|
Selling
expenses......................................................................................
|
(7,658)
|
(7,981)
|
(4)%
|
Other operating
expense.........................................................................
|
4,205
|
(413)
|
1,118%
|
Operating
profit....................................................................................
|
41,889
|
35,168
|
19%
|
Financial results,
net................................................................................
|
(20,562)
|
(7,344)
|
180%
|
Bargain purchase gain
on acquisition of
subsidiaries.............................
|
-
|
8,401
|
(100)%
|
Profit before
income
tax....................................................................
|
21,327
|
36,225
|
(41)%
|
Income tax
expense................................................................................
|
(7,092)
|
(10,863)
|
(35)%
|
Profit for the
period............................................................................
|
14,235
|
25,362
|
(44)%
|
Non‑controlling
interest...........................................................................
|
5,619
|
5,458
|
3%
|
Profit for the
period attributable to owners of the
Company............................................................................................
|
8,616
|
19,904
|
(57)%
|
Net production
volumes
|
|
|
|
Oil
(mbbl).............................................................................................
|
1,926
|
1,129
|
71%
|
Gas
(mcf)............................................................................................
|
2,803
|
4,889
|
(43)%
|
Total net
production
(mboe)..............................................................
|
2,393
|
1,944
|
23%
|
Average net
production
(boepd).............................................................
|
13,221
|
11,939
|
11%
|
Average realized
sales price
|
|
|
|
Oil (US$ per
bbl)..................................................................................
|
80.5
|
94.6
|
(15)%
|
Gas (US$ per
mcf)..............................................................................
|
4.5
|
4.1
|
10%
|
Average realized
sales price per boe
(US$)...........................................
|
70.6
|
66.7
|
6%
|
Average unit costs
per boe (US$)
|
|
|
|
Production
costs..................................................................................
|
33.9
|
28.1
|
21%
|
Exploration
costs.................................................................................
|
5.7
|
5.2
|
10%
|
Administrative
costs............................................................................
|
8.7
|
7.0
|
24%
|
Selling
expenses.................................................................................
|
3.2
|
4.1
|
(22)%
|
Average Adjusted
EBITDA per boe (US$)……………......................
|
35.1
|
36.1
|
(3)%
|
SOURCE GeoPark
Copyright 2013 PR Newswire
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